National Bank of Egypt sells stake in local producer

National Bank of Egypt sells stake in local producer
Published: 02 July 2008

State-owned National Bank of Egypt has sold its holdings in Misr Cement Qena along with five other  companies for a combined total of E£5.29bn (US$993m).

The other companies are Abu Qir Fertilisers and Chemicals, Ezz Dekheila Steel, Egyptian Resorts, Alexandria Mineral Oils Company (AMOC) and Sidi Kerir Petrochemicals.
 
According to financial daily Al Mal said on Tuesday. the sales were probably prompted by the failed attempt last week to auction off the state-owned bank Banque du Caire.